Awerusuo Otorudo and Chukwuebuka Ehirim were on Monday arraigned before Justice Muhammad Umar of the Federal High Court in Abuja by the Economic and Financial Crimes Commission (EFCC) on a three-count amended charge linked to a fraudulent investment scheme.
The defendants are accused of deceiving the public into investing in Crypto Bridge Exchange (CBEX), a platform that allegedly operated as a Ponzi scheme under the guise of a digital investment company.
The charges
One of the count reads: “That you, Awerusuo Otorudo and Chukwuebuka Ehirim, sometimes between January 2024 and May 2025, within the jurisdiction of this honorable Didi invite the public to deposit money for a fixed period or payable on call with CRYPTO BRIDGE EXCHANGE (CBEX) with a promise of up to 88 percent return on investment without obtaining the written consent of the Securities and Exchange Commission and you there you committed an offense contrary to section 96(1) of the investment and security act 2025 and punishable under section 96(5) of the same act.”
Another reads: “That you Aweosuo Otorudo and Chukwuebuka Ehirim, sometimes between January 2024 and May 2025, within the jurisdiction of this Honourable Court whilst not being a bank or person authorised to take deposit invited the public through advertisement to deposit funds with CRYPTO BRIDGE EXCHANGE(CBEX) and you thereby committed an offence contrary to Section 44(1) of the Banks and other Financial Institution Act, 2020 and punishable under Section 44(2) of the same Act.”
Defendants pleaded “not guilty”
They both pleaded not guilty to the charges.
Following the plea, EFCC counsel Fadila Yusuf requested that the defendants be remanded in a correctional facility pending trial. Defence counsel J.A. Otorudo informed the court that a bail application had been submitted.
The EFCC opposed the application and reiterated that the defendants be moved to a correctional facility since the defence counsel already complained that her clients were not comfortable at the EFCC holding facility.
“The learned counsel is very elaborate before this honourable court, he had complained of the EFCC holding them in our facility, and we are saying if they are not comfortable with us, they are before the court now, my Lord can move them to more comfortable accommodation,” she said
In his decision, Justice Umar remanded the defendant to Kuje Correctional Centre and adjourned the case until July 18 to decide on the bail application.
Suspects’ arrest and funds’ recovery
In May, the Economic and Financial Crimes Commission (EFCC) announced the partial recovery of funds linked to the Crypto Bridge Exchange (CBEX), a Ponzi scheme disguised as a digital investment platform.
EFCC chairman Ola Olukoyede revealed the update during an interview with TVC. According to him, the agency has made significant progress in tracking down and recovering some stolen cryptocurrency.
Olukoyede confirmed that several suspects connected to the scam have been arrested and that the EFCC had been able to track down and retrieve some of the stolen cryptocurrency.